The Insurance Regulatory Authority has refuted claims regarding the alleged closure of Directline Assurance Company Limited.
The regulator, in a statement, clarified that the issue surrounding Directline Assurance’s shareholding is currently under court review and no winding-up has occurred.
The authority emphasized that the Insurance Act CAP 487, Laws of Kenya, outlines the legal procedures for closing or winding up an insurance company, none of which have been initiated in this case.
IRA CEO Godfrey Kiptum stated that All policies issued by Directline Assurance Company Limited remain in full force and effect, and the insurer remains liable for any claims arising therefrom.
IRA had in June suspended the closure of Directline Assurance Company Limited, a few hours after the closure.